Bombardier strikes $6.7bn deal for 120 planes with NetJets

New York: Bombardier Inc will sell as many as 120 aircraft to business jet operator NetJets Inc in a deal worth more than $6.7 billion over its lifetime. NetJets is a subsidiary of Warren Buffet's Berkshire Hathaway. 

This is also the largest business aircraft deal for Bombardier, the world's third largest civil aircraft maker after Airbus and Boeing, and consists of a firm order of 50 jets with options to purchase a further 70.

After the global slump of 2008, businesses are gradually returning to private planes.

NetJets firm order for 50 business jets has a total value of $2.8 billion but should all options for an additional 70 aircraft be exercised, the total value of the order will surpass $6.7 billion.

Deliveries of these aircraft will begin in 2017, the company said.

Last month, Bombardier said it expects to deliver 150 business aircraft and 90 commercial aircraft in 2011, matching its performance in the previous year.

NetJets currently operates a global fleet of more than 800 aircraft.